Possible Loans

How can I get approved for a loan?

Possible’s algorithms determine the amount that can be safely lent to each applicant

Here are some tips for increasing your chances of approval:

• Bank account balance: you should have a positive bank balance; the higher your bank account balance is when you apply, the better!
• Minimum monthly income: an income of at least $750 per month is ideal.
• Consistency of income deposits over time: the more, the merrier!
• Returned checks or insufficient funds (NSF) fees: keep these to a minimum; frequent returns could be a sign that payments to Possible will be returned too.
• Maintain a healthy amount of 'available credit'. Having multiple loans could mean that you're overextended.
• Previous loan repayment history with Possible: the best way to increase your loan offer amount is to repay your Possible loans on time, without any returns.
• Monthly cash flow analysis: if your account is being drained too quickly, your loan offer amount may be decreased to prevent overdraft and insufficient funds (NSF) fees.

Please note that while we do our best to help as many of our customers as Possible, completing the prior steps does not guarantee approval.

 

Can I get a higher amount?

We can't change the loan agreement after it has been accepted, including the amount financed.

Possible’s loan algorithm does its best to make sure we aren't over-lending to you. If payments become too difficult to pay it can cause expensive overdraft fees and negatively impact your credit score. We look at a variety of things, including real-time data, such as, recent income and current bank balance before making a decision.

If you were approved for less than you applied for, we apologize for any disappointment. The amount you select during the application process gives Possible a target to reach for but it isn't guaranteed.

Once you've established a positive borrowing history with Possible, you are more likely to be approved for more. However, we can't guarantee approval or an increase in amount.

 

Can I change my deposit account?

For security purposes, your loan deposit must be sent to the bank account you used to apply with.

Unfortunately Possible is not able to disburse your loan to a different bank account at this time, for your security. If you want to make your payments with a different account you are more than welcome to add a new bank account for payments after you have received your deposit. All you have to do is link your new account in the app.

 

When will I get my loan?

The amount of time your money will take to arrive depends on how you've selected to receive it. You can receive your money through an ACH transaction or with a debit card.

Money sent by ACH takes 1-2 business days (not including Saturdays, Sundays, or bank holidays) to arrive in your account.

ACH transactions take a little time due to the way automatic transactions work. If it's your expected arrival date and you haven't received your money yet, don't worry! Some banks just take a little longer to process pending transactions. Your money is on its way and should arrive by 5pm PST.

How do you know if you'll receive it in 1 business day, or 2?

If you accept your loan before 2pm PST, you will receive your money the next business day.

If you accept your loan after 2pm PST, you will receive money in 2 business days.

For example:

If you accept your loan on Thursday night or on Friday, your money will arrive on Monday.

If you accept your loan over the weekend, it will be after 2pm on Friday, so your money will arrive on Tuesday.

If you have a compatible debit card and you haven’t already chosen to receive your money by automatic bank deposit, or ACH, you can add your debit card to receive your money within an hour.

To do this, click on the option to add your debit card. Regardless of the day or time, you should receive your money with an hour with the debit card option. However, please keep in mind that sometimes delays occur and funds can take up to four hours to arrive.

Please note that if you are seeing an error while adding your debit card, you will need to use ACH to receive your funds.

Note: Some debit cards may be incompatible at this time. If you're unable to link your debit card, you can still select to receive your money via automatic bank deposit, or ACH.

Things to keep in mind

An error in your bank account or routing number could mean that your money will not arrive on time.

Please double-check the last 4 digits of the bank account number on file (you can do so under the profile tab in the app).

If you believe there is an error or you have not received your money by 5 pm PST on the displayed arrival date, please reach out to our Customer Success team using the Contact Us form in the app. We will help you sort out the issue so you can get your money as soon as possible!

 

Possible Cards

How Can I Get Approved for a Card?

Possible’s algorithms determine if the applicant will be approved for a card.

Here are some tips for increasing your chances of approval:

• Minimum monthly income: an income of at least $1000 per month is ideal.
• Bank account balance: you should have a positive bank balance; the higher your bank account balance is when you apply, the better!
• Consistency of income deposits over time: the more, the merrier; we like to see at least two months of income history.
• Returned checks or insufficient funds (NSF) fees: keep these to a minimum; frequent returns could be a sign that payments to Possible will be returned too.
• Maintain a healthy amount of 'available credit'. Having multiple lines of credit (like loans) could mean that you're overextended.
• Monthly cash flow analysis: if your account is being drained too quickly could mean that you're overextended.
• Previous loan repayment history with Possible: the best way to increase your card approval chance if you’ve had a loan with us in the past is to repay your Possible loans on time, in full, and without any returns.
• A linked bank account: since we don’t rely on your credit scores, we refer to your bank account history.
  • If you are having issues linking a bank account, refer to this support section on bank linking.

Please note that while we do our best to help as many of our customers as Possible, completing the prior steps does not guarantee approval.

 

Card Application Approvals

Congratulations on your approval for the Possible Card! Once you are approved, you will receive an SMS and email notification confirming your approval status. When you receive those messages you can go into the Possible application to review the card offer and sign your card-holder agreement.

In the Possible app, select the option for “Activate My Card” to access these documents.

Once you begin reviewing your card offer, you can learn about repayment options, set up your automatic payment dates, review our terms and conditions, and activate your Possible card.

 

How to Activate Your Possible Card

Once you are approved, we have three options for card activation for your convenience.

For the most rapid activation experience, simply go into the Possible app, and select the option for “Activate My Card.”

You can also call the number on the back of the card and follow the prompts to activate your card.

Alternatively, you can call the number on the back of the card and follow the prompts to reach a live associate who will be happy to activate your card for you.